With Lehman Brothers filing for bankruptcy, Merrill Lynch being sold and the Dow down 300 points in early trading on Monday, it's clear that the country's economic woes will play a major role in the presidential campaign this week. John McCain's campaign -- which is perceived to be at a disadvantage on this issue -- struck early, releasing a new ad about the economy that portrays the Republican ticket as the choice for change.
"Our economy is in crisis," the narrator says before declaring: "Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules on Wall Street to protect your life savings. No special-interest giveaways. Lower taxes to create new jobs. Offshore drilling to reduce gas prices. McCain-Palin. Leadership, experience, for the change we need."
It's interesting timing for the McCain camp to be bragging about the Republican nominee's plan for tax cuts. On Friday, former Federal Reserve chairman Alan Greenspan, a friend of McCain's, appeared on Bloomberg Television's "Political Capital With Al Hunt," where he expressed his reservations about the proposed cuts, saying the country cannot afford them without spending cuts. "I'm not in favor of financing tax cuts with borrowed money," Greenspan said.
The spot, titled "Crisis," will reportedly begin airing nationally on Tuesday.